In the matter o f Summary Proceedings against the Stock Brokers Who Defaulted in Payment of Registration Fees

1. Vide Order dated August 11, 2005 under Regulation 16(1) of the extant SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, SEBI had appointed Enquiry Officers to conduct summary proceedings, interalia, against the following stock brokers who had allegedly defaulted in the payment of registration fees: SL. STOCK BROKER REGN. NO. STOCK NO. EXCHANGE 1 AJAY DOSHI INB190466826 VADODARA INB190758511 VADODARA 2 ANIL MONGA INB190790653 VADODARA 3 EFCON SHARES & SECURITIES LTD. INB190918218 VADODARA 4 HIREN DHANKUMAR SHETH INB190398110 VADODARA 5 JAYANT SHAH INB190401313 VADODARA 6 LAJPAT KANSAL INB190774230 VADODARA 7 MERCURY FINSTOCK LIMITED INB190402713 VADODARA 8 MOHAMMED ZIAUR REHMAN INB190912330 VADODARA 9 NIRALI FINSTOCK SERVICES PVT. LTD. INB190406915 VADODARA 10 PANKAJ P. SHAH INB190780519 VADODARA 11 PRADIP PANACHAND SHAH INB191012438 VADODARA 12 RAJESH H. TRIVEDI STOCK BROKERS PVT. LTD. INB190830332 VADODARA 13 VINMAR SECURITIES PVT. LTD. INB190557317 VADODARA 14 VIPUL P. KOTHARI INB190979039 VADODARA 15 WALL STREET CAPITAL MARKETS LTD. INB190781037 VADODARA 16 WESTFIN SECURITIES LTD. INB190413419 VADODARA 17 YOGEN J. VYAS

2. The Enquiry Officer has submitted the reports in respect of the aforesaid 17 stock brokers recommending suspension of certificates of registration granted to them till such time their outstanding registration fees are paid in full.

3. I have considered the recommendation of the Enquiry Officer. I note that the Show Cause Notices (SCNs) issued by the Enquiry Officer to these stock brokers returned undelivered. Subsequently the SCNs were affixed in the premises of Stock Exchange/ stock broker concerned. However, none of these stock brokers responded to the SCNs. 4. I, therefore, consider it appropriate that the ends of justice would be met if the certificates of registration of the said 17 stock brokers are suspended till the time the outstanding registration fees are fully paid. 5. I note that the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 have since been repealed and replaced by the SEBI (Intermediaries) Regulations, 2008. 6. In the facts and circumstances of the case, I, in exercise of the powers conferred upon me under Section 19 of the SEBI Act, 1992 read with Regulation 33B (5) and (6) of the SEBI (Intermediaries) Regulations, 2008, hereby suspend the certificates of registration of the said 17 stock brokers till the time outstanding registration fees are fully paid. 7. I note that some of these stock brokers are registered as sub stock brokers of the subsidiaries of the Stock Exchanges in terms of Para 2 of the Circular No.SMD- II/POLICY/CIR-37/99 dated November 26, 1999. In view of the suspension as ordered in Para 6 above, their registration as sub-broker shall also remain suspended till the time outstanding registration fee is fully paid in respect of their registration as the stock brokers. 8. A copy of this Order shall be served on the respective Stock Exchanges of which these 17 stock brokers are members and /or sub brokers for necessary action. 9. This Order shall come into force on the expiry of 21 days from the date of this Order.

DATE : March 8, 2010 M. S. SAHOO PLACE: MUMBAI WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA